In Focus Collections
The voice revolution
Is the industry really doing enough to meet the needs of its underserved customers through the use of voice-recognition software?
Andrew Jackson Managing director, Swishfund andrew.jackson @
swishfund.co.uk
My nine-year old daughter is cleverer than me; but she struggles with spelling. Her maths is a mess, so she solves
problems in creative ways. She is behind at reading; yet her solid determination and stamina gets her through. We think she might be dyslexic. We are
going to get her tested next month. I am not sure how I feel about this. If she is dyslexic, she will be in the
company of Richard Brandson, Henry Ford, Anita Roddick, Agatha Christie, and Richard Strauss amongst many others – successful people for whom dyslexia did not hold them back. Malcolm Gladwell suggested in ‘David &
Goliath’ (2013) that some of the world’s most accomplished people have succeeded because of dyslexia, rather than in spite of it.
Dyslexia forces a person to develop skills
that might otherwise have lain dormant, he argues. Further, it makes them do things they might otherwise never have considered. Like start a small business.
The great unserved According to the British Dyslexic Association (BDA), 10% to 15% of the population has dyslexia to some degree. Recent research identified that 35% of
business owners have dyslexic tendencies, and 40% of self-made millionaires identify with being dyslexic. The BDA claim that many dyslexic
business owners need a business partner or lawyer to help with finance and documents, which puts them at a disadvantage. The failures of the financial-services
industry to tailor products and services for dyslexic small-business customers is shameful; and this does not stop at dyslexic individuals. The Royal National Institute for the
In total, 35% of blind and partially sighted people say that they sometimes, frequently, or always experience negative attitudes from the public in relation to their sight loss. 31% of people are rarely or never optimistic about the future. Why? Because our visual world is blind to institutionalised forms of exclusion, such as through the increasing complexity of a simple loan contract
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Blind states that there are almost two million people living with sight loss in the UK. In total, 35% of blind and partially
sighted people say that they sometimes, frequently, or always experience negative attitudes from the public in relation to their sight loss. 31% of people are rarely or never optimistic about the future. Why? Because our visual world is blind
to institutionalised forms of exclusion, such as through the increasing complexity of a simple loan contract.
Unfit for purpose Fintech competes to make business loan applications faster, whilst terms and
www.CCRMagazine.com
conditions get longer. It is counter-intuitive to herald the merits of fast decision- making over ensuring that customers truly understand their legal commitments. At Swishfund, we require a two-way
video-call with every customer, to slow things down and ensure that our customers are fully aware of their obligations and liabilities. It is also a great customer experience too,
and is a friendly human face to our brand and culture. The experience of carrying out hundreds
of video-calls has brought home that only a few simple legal clauses are relevant, amongst pages of legal jargon, boilerplate and improbable risks. We believe that a simple one-page
contract must take a reasonable commercial risk, and rely on trust in the courts. Further, a recorded oral contract is just
as enforceable as a written contract. With the right voice-recognition technology in place, this could be highly scaleable.
Arise the voice It is estimated that by the end of 2020, 50% of all internet searches will be by voice through voice recognition technology, and 30% of all searches will be without a screen. 13% of all households in the US owned a smart speaker in 2017, which will grow to 55% by 2022. 22% of US smart speaker owners have
purchased something using voice. Voice-recognition is the technological
revolution of our time. Voice loan applications and loan servicing is the natural evolution for finance through Siri, Alexa or Google Assistant.
January 2021
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